Pemberton Music Festival Suddenly Canceled Due to Bankruptcy

Pemberton Music Festival Suddenly Canceled Due to Bankruptcy

Pemberton Music Festival Suddenly Canceled Due to Bankruptcy

"We are heartbroken to see the 2017 Pemberton Music Festival canceled". The Pemberton Festival has been coming to British Columbia every year since 2014, and this year's edition was set to go down in July, with Chance The Rapper, a Tribe Called Quest, and Muse as headliners. This refund policy only applies to festival pass buyers who purchased their passes at the Meadows at Pemberton Golf Course.

Scheduled to run in mid-July, it would have been the fourth year the Pemberton event took place. As the documents mention, "A determination of recovery, if any, on the claims of ticket holders from the estate will not be known for several weeks". "The Trustee will issue formal notice of the bankruptcy proceeding to all known creditors of PMF within 5 days of its appointment".

As news broke yesterday that Pemberton Music Festival abruptly canceled its 2017 festival, it quickly became apparent that ticket refunds will not be easy to come by due to lawsuits and bankruptcies.

A fact sheet posted by Ernst & Young said the festival had budgeted expenses of $22 million, and so far had received $8.2 million in revenue.

"We want to ensure that music fans don't miss out on a memorable summer festival this season".

Despite still selling tickets through Thursday afternoon, organizers for the Canadian fest confirmed tonight they have filed for bankruptcy.

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Provisions for non-performing assets declined to Rs 10,992.92 crore from Rs 12,139.17 crore year-on-year. Provisions for bad loans fell 9.4 per cent from a year earlier to Rs 10,993 crore in the March quarter.

PMF said ticket holders may be able to get refunds if they purchased tickets from a third party vendor such as StubHub. Tickets were still available for purchase on the festival's website as of 3:30 p.m. on Thursday.

However, it now displays a single page with the cancellation announcement and confirmation of the bankruptcy filing, as well as a reiteration that there will be no automatic refunds given at this time.

It also said that the festival is having difficulty sourcing talent because of "a limited number of artists touring in 2017".

Neilson said he believes the festival went bankrupt by bringing in USA firms and staff for the event and paying double or triple what local firms would have charged.

The organizers have filed for bankruptcy protection and the accounting firm Ernst and Young has been named Trustee. Ticketholders who paid by credit card may have more luck requesting a chargeback.

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